ICSID RELEASES ITS BACKGROUND PAPER ON ANNULMENT: GROWTH IN THE NUMBER OF PROCEEDINGS WITH A LOW ANNULMENT RATE

On 11 March 2024, the International Centre for Settlement of Investment Disputes (ICSID) published its most recent Background Paper on the annulment remedy under the ICSID Convention (Background Paper). Now, in its third edition and available here, the Background Paper provides a comprehensive assessment of annulment as well as the drafting history behind the annulment … Read more

ENFORCEMENT OF ARBITRAL AWARDS: AWARD CREDITOR SUCCESSFULLY SEEKS REMEDY FROM EUROPEAN COURT OF HUMAN RIGHTS FOR ALBANIA’S EXTRAORDINARY DELAY IN RECOGNISING ARBITRAL AWARD

The European Court of Human Rights (the ECtHR) has found that in delaying recognition of an arbitral award against it, the Republic of Albania breached its obligations under Article 6 (Right to a Fair Trial) of the European Convention on Human Rights (ECHR). Article 6(1) states that proceedings must be determined “within a reasonable time”. … Read more

GERMAN FEDERAL COURT OF JUSTICE CONFIRMS THAT FINDINGS OF ACHMEA DO NOT EXTEND TO INVESTMENT ARBITRATIONS UNDER EXTRA-EU BITS

The German Federal Court of Justice (Bundesgerichtshof – “BGH”) recently allowed the enforcement of an arbitral award rendered in Deutsche Telekom v. India – an investor-State arbitration conducted under the 1995 Germany-India Bilateral Investment Treaty (“BIT”). On Deutsche Telekom’s application, the amount of USD 10 million plus interest (a partial amount of the award) has … Read more

PCA TRIBUNAL FINDS INDIA IN BREACH OF TREATY IN VODAFONE TAX DISPUTE

The Government of India has lost the first of three keenly anticipated decisions on the retrospective tax liabilities introduced by statute in 2012 to reverse the ruling of the Indian Supreme Court in the Vodafone case. The legislation was introduced in the Finance Act 2012 to reverse the Supreme Court’s ruling that Vodafone was not … Read more